Other news

Today, on January 20, gold prices are fluctuating around their highest levels for the past nine months. The precious metal has been rising for nearly five weeks in a row.

Economists at the ANZ bank see good prospects for the yellow metal market in the coming year. Experts believe that the deteriorating economic outlook will strengthen demand for gold as a safe-haven asset.

MKS PAMP Group analysts suppose that palladium will be within the $1500-2500 range with a 50% chance.

The rise in price for WTI oil could be more than 1% for the week, as it has already gained more than $81 per barrel.

Analysts at MKS PAMP Group, a Swiss precious metals trading company, assessed the platinum outlook for 2023. A rise in platinum prices above $1,350 per ounce is 30% probable.

Strategists at MKS PAMP Group estimate there’s a 50% possibility of the gold price moving sideways within a range of $1,600-$2,100. Besides that, they suggest that a chance for growth to the level of $2,300 is 30%, while they also note there is a 20% likelihood of a decline to $1,400.

The probability of flat movement within the range of $18-28 is estimated at 50%, the probability of growth up to $30 is 35%, the probability of decrease down to $12 is 15%. The average price for the year is estimated at $22.5.

The focus is on the data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold and silver.

Tasmin Agency, referring to the OPEC report states that the production of black gold in Iran has risen to 2.5 million bpd in 2022.

On Wednesday, the U.S. Energy Information Administration (EIA) reported that prolonged growth in U.S. natural gas production will outpace domestic demand and exports this couple of years. As a result, the average U.S. benchmark price will be lower than in 2022.